I am looking at becoming a full-time positive cashflow property investor. Before I give up my part-time income, is there a mortgage broker out there who can advise re servicibility? I want to chip in 20% purchase price and purchase costs for each IP from funds to hand from sale of another property. If I can find the deals returning 10%yield, and thereby covering the property’s expenses, is income from external sources necessary to obtain borrowed funds? Interested in hearing from others who have done this!
Island. If you can keep coming up with deposits, then you can keep getting loans. The further you go, the larger the deposit needed will be, and the higher the rate. eg. 7.75% for about 70% LVR.
If your properties are located in country areas it will be much harder to borrow like this.
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
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